卡夫亨氏 (KHC) 2018 Q4 法說會逐字稿

Good day.

再會。

My name is Chelsea, and I will be your operator today.

我叫切爾西，今天我將成為您的接線生。

At this time, I would like to welcome everyone to The Kraft Heinz Company's Fourth Quarter 2018 Earnings Conference Call.

此刻，我歡迎大家參加卡夫亨氏公司 2018 年第四季財報電話會議。

I will now turn the call over to Chris Jakubik, Head of Global Investor Relations.

我現在將電話轉給全球投資者關係主管 Chris Jakubik。

Mr. Jakubik, you may begin.

雅庫比克先生，您可以開始了。

Hello, everyone, and thanks for joining our business update.

大家好，感謝您加入我們的業務更新。

We'll start today's call with an overview of our fourth quarter and full year results as well as our view on the path forward from Bernardo Hees, our CEO; and David Knopf, our CFO.

我們將在今天的電話會議中概述我們的第四季度和全年業績，以及我們的執行長 Bernardo Hees 對未來發展道路的看法。和我們的財務長大衛·諾普夫。

After that, Paulo Basilio, President of our U.S. zone, will join us for the Q&A session.

之後，我們美國區總裁 Paulo Basilio 將參加我們的問答環節。

Please note that during our remarks today, we will make some forward-looking statements that are based on how we see things today.

請注意，在今天的演講中，我們將根據我們今天的看法做出一些前瞻性陳述。

Actual results may differ materially due to risks and uncertainties, and these are discussed in our press release and our filings with the SEC.

由於風險和不確定性，實際結果可能存在重大差異，這些內容在我們的新聞稿和向 SEC 提交的文件中進行了討論。

We will also discuss some non-GAAP financial measures during the call today.

我們也將在今天的電話會議上討論一些非公認會計準則財務指標。

These non-GAAP measures should not be considered a replacement for and should be read together with GAAP results.

這些非公認會計原則措施不應被視為替代公認會計原則結果，而應與公認會計原則結果一起閱讀。

You can find the GAAP to non-GAAP reconciliations within our earnings release and at the end of the slide presentation available on our website.

您可以在我們的收益發布中以及我們網站上提供的幻燈片簡報的末尾找到 GAAP 與非 GAAP 的調整表。

Lastly, as you may have seen in today's press release, we conducted an internal investigation into our procurement area with the assistance of external legal and accounting advisers and found we should have recorded $25 million in prior periods, which we booked in Q4 2018.

最後，正如您在今天的新聞稿中看到的那樣，我們在外部法律和會計顧問的協助下對我們的採購領域進行了內部調查，發現我們應該在前期記錄2500 萬美元，這是我們在2018年第四季登記的。

To be clear, we do not expect this to be material to our current period or any prior period financial statements.

需要明確的是，我們預計這不會對我們本期或任何前期財務報表產生重大影響。

Now let's turn to Slide 2 and I will hand it over to Bernardo.

現在讓我們轉向投影片 2，我將把它交給 Bernardo。

Thank you, Chris, and good afternoon, everyone.

謝謝克里斯，大家下午好。

With the closing of one year and the start of a new one, I think it's best to begin our update today similar to how we do things internally, with a scorecard, to better understand where we delivered, where we did not and why.

隨著一年的結束和新一年的開始，我認為最好從今天開始我們的更新，類似於我們內部做事的方式，使用記分卡，以更好地了解我們交付了哪些內容，哪些地方沒有交付以及原因。

At this time last year, we set plans to drive profitable sales and consumption growth by investing in deployment of new capabilities and a strong pipeline of innovation and white space initiatives.

去年的這個時候，我們制定了計劃，透過投資部署新功能以及強大的創新和空白計劃管道來推動盈利銷售和消費成長。

And while we expected this to translate into near-term margin pressure in United States and Rest of the World segments, we anticipated stronger net savings to deliver constant currency EBITDA growth for the year.

雖然我們預計這將轉化為美國和世界其他地區部門的近期利潤壓力，但我們預計淨儲蓄將更強勁，以實現今年的貨幣 EBITDA 持續成長。

Overall, we successfully drove profitable sales and consumption growth accelerated, but we fell short in delivering the net savings we expect.

總體而言，我們成功推動了獲利銷售和消費成長加速，但我們未能實現預期的淨節省。

From a commercial perspective, we firmly restarted organic growth.

從商業角度來看，我們堅定地重啟了有機成長。

In United States, our second half performance came back to offset the self-inflicted losses from the first half of the year.

在美國，我們下半年的業績回升，彌補了上半年自己造成的損失。

We became one of the few within our industry posting real volume-driven growth, growing volume/mix nearly 4%.

我們成為業界為數不多的實現真正銷售驅動成長的公司之一，銷量/產品組合成長了近 4%。

In Canada, similar to United States, we ended the year with positive consumption growth from improvements in coffee and cheese.

在加拿大，與美國類似，由於咖啡和起司的改進，我們在年底實現了消費的積極增長。

Our EMEA business build momentum on the back of white space gains in condiments and encouraging share trends across our U.K. base.

我們的歐洲、中東和非洲業務在調味品市場空白增長和整個英國基地令人鼓舞的份額趨勢的支持下建立了勢頭。

In Rest of the World, we are gaining traction in driving real growth with the startup of our new sauces plant in Brazil, and our Cerebos acquisition in Australia and New Zealand.

在世界其他地區，隨著巴西新醬料廠的啟動以及澳洲和紐西蘭 Cerebos 的收購，我們正在推動實際成長。

In our Foodservice business, on a global basis, is approaching $4 billion in sales and gaining momentum from white space initiatives in all markets.

我們的餐飲服務業務在全球範圍內的銷售額接近 40 億美元，並從所有市場的空白計劃中獲得動力。

And this leads to the second aspect of our scorecard, the significant progress we made developing and deploying strategically advanced capabilities.

這引出了我們記分卡的第二個方面，即我們在開發和部署策略先進能力方面取得的重大進展。

We had strong returns on investment in marketing, category management and e-store sales.

我們在行銷、品類管理和網上商店銷售方面的投資獲得了豐厚的回報。

We continue to expand in e-commerce and reach, driving 79% channel growth in United States alone, and a 1/10 market share index versus traditional retail.

我們繼續擴大電子商務和覆蓋範圍，僅在美國就推動了 79% 的通路成長，市佔率指數僅為傳統零售的 1/10。

In this setup, springboard and Evolv Ventures as platforms to accelerate our innovation to consumers, to customers and find new ways to disrupt ourselves.

在這個設定中，跳板和 Evolv Ventures 作為平台，加速我們對消費者、客戶的創新，並找到顛覆自我的新方法。

So when you think about the sustainability of our growth, breakthrough innovation, strong in-store activity, distribution gain and white space expansion are all coming together.

因此，當你考慮到我們成長的可持續性時，突破性的創新、強勁的店內活動、分銷增益和空白空間擴張都會同時出現。

In fact, our consumption turnaround in United States has been driven by brand-building initiatives across the portfolio, not just a few categories.

事實上，我們在美國的消費轉變是由整個產品組合（而不僅僅是少數類別）的品牌建立舉措所推動的。

We are sustaining momentum in brands where we have been successful like Heinz, Philadelphia, Oscar Mayer bacon, Classico, Kraft and our frozen and snack categories at large, all growing mid-single digits in 2018.

我們正在保持亨氏(Heinz)、費城(Philadelphia)、奧斯卡·梅耶培根(Oscar Mayer bacon)、Classico、卡夫(Kraft) 等成功品牌的勢頭，以及我們的整個冷凍和零食品類，這些品牌在2018 年均實現了中個位數成長。

Turning around other key brands like Kraft Mac & Cheese, Oscar Mayer hotdogs and A1, to low single-digit growth after several years of decline.

扭轉了卡夫起司通心粉、奧斯卡梅耶熱狗和 A1 等其他主要品牌在經歷了幾年下滑後的低個位數成長。

Stabilizing historically challenged brands like Kraft salad dressing, mayo and our kids single-serve beverage business after years of mid-single-digit declines.

在經歷了多年的中個位數下降之後，穩定了卡夫沙拉醬、蛋黃醬和我們的兒童單份飲料業務等歷史上面臨挑戰的品牌。

And building new brands into meaningful platforms for growth, like P3, which now $120 million platform; Devour, a $7 million brand in less than 3 years; and Just Crack an Egg at $50 million after only 12 months.

將新品牌打造成有意義的成長平台，例如 P3，該平台目前價值 1.2 億美元； Devour，不到 3 年的時間就價值 700 萬美元；僅僅 12 個月後，《Just Crack an Egg》就以 5000 萬美元的價格售出。

While some of this was supported by incremental promotion and price investments to improve consumption and distribution trends, we saw strong LOIs and created a solid base of support and commercial momentum for 2019.

雖然其中一些是透過增量促銷和價格投資來改善消費和分銷趨勢的支持，但我們看到了強勁的意向書，並為 2019 年奠定了堅實的支持基礎和商業動力。

Where we fell short in 2018 was operations.

2018 年我們的不足之處是營運。

Specifically, our entire EBITDA miss was driven by net savings versus expectations within our United States supply chain.

具體來說，我們的全部 EBITDA 未達標是由美國供應鏈內的淨節省與預期相比造成的。

To be fair, we must first recognize that our team operate at industry-leading levels globally; in quality, with top-tier performance in the industry; in safety, with our best results ever; and in customer service, achieving industry-leading case through rates and all-time in full delivery rates as we saw volumes ramp up.

公平地說，我們首先必須認識到我們的團隊在全球範圍內處於行業領先水平；在品質上，具有業界一流的表現；在安全的情況下，我們取得了有史以來最好的成績；在客戶服務方面，隨著我們看到銷售量的增加，透過率和全時交付率實現了行業領先。

The core cause of our shortfall in 2018 was forecasting the pace and magnitude of our savings curve in 2018, not merger-related synergies and not an increase in ZBB costs.

2018 年我們的不足的核心原因是預測了 2018 年儲蓄曲線的速度和幅度，而不是與合併相關的協同效應，也不是零預算成本的增加。

In fact, ZBB delivered savings across all fixed-cost package outside of our commercial investments and helped to fund our initiative.

事實上，ZBB 為我們的商業投資以外的所有固定成本方案帶來了節省，並幫助為我們的計劃提供資金。

To put our performance in context, we started 2018 expecting approximately 3% growth inflation, excluding key commodity costs, with savings programs expected to offset gross inflation.

結合我們的業績來看，我們在 2018 年伊始預計通貨膨脹率約為 3%（不包括主要大宗商品成本），而儲蓄計劃預計將抵消總通貨膨脹。

We ended the year with approximately 3% inflation, net of savings, specifically driven by higher supply chain costs and low operational savings in United States.

扣除儲蓄後，我們年底的通貨膨脹率約為 3%，特別是由於美國供應鏈成本上升和營運儲蓄較低。

There is no question we are disappointed that profitability did not ramp up with consumption gains as anticipated.

毫無疑問，我們對獲利能力沒有如預期那樣隨著消費成長而增加感到失望。

We are overly optimistic on delivering savings that did not materialize by year-end.

我們對實現年底前未能實現的節約過於樂觀。

For that, we take full responsibility.

為此，我們承擔全部責任。

And we have taken steps to ensure this does not happen again by touching planning process, procedures and organization structure.

我們已採取措施，透過觸及規劃流程、程序和組織結構來確保這種情況不再發生。

In the end, we see 3 takeaways from 2018: one, we are successfully driving sustainable consumption growth; two, we have the ability to deliver top-tier organic growth at industry-leading margins; and three, we need to better plan and execute our operational net savings initiatives.

最後，我們看到2018年的三個重點：一是我們成功地推動了永續消費成長；第二，我們有能力以業界領先的利潤率實現頂級有機成長；第三，我們需要更好地規劃和執行我們的營運淨節約措施。

Before we outline the 2019 plans, David will provide more details on our 2018 financials.

在我們概述 2019 年計劃之前，David 將提供有關我們 2018 年財務狀況的更多詳細資訊。

Thank you, Bernardo, and hello, everyone.

謝謝貝爾納多，大家好。

As we show on Slide 3, while our overall performance fell short of our expectations, the year-on-year drivers are straightforward.

正如我們在投影片 3 中所示，雖然我們的整體表現未達到我們的預期，但同比驅動因素很簡單。

Consumption-driven growth, negatively impacted by cost inflation, net of savings in the U.S., with tax savings offsetting lower EBITDA, higher depreciation and interest expense.

消費驅動的成長受到成本通膨的負面影響（扣除美國的儲蓄），節稅抵消了較低的 EBITDA、較高的折舊和利息支出。

From a trend perspective, there are a few important details to highlight.

從趨勢的角度來看，有一些重要的細節需要強調。

On the top line, consumption-driven growth momentum continued to build through Q4.

從營收來看，第四季消費拉動的成長動能持續增強。

For total Kraft Heinz, Q4 volume/mix growth was 4%, with growth in every reporting segment, driven by innovation, marketing, white space and go-to-market investments and led by improved consumption in a vast majority of U.S. categories.

卡夫亨氏第四季的銷售/產品組合成長了 4%，在創新、行銷、空白和市場投資的推動下，各個報告部門均實現了成長，並以美國絕大多數品類的消費改善為主導。

Total company Q4 pricing was down 160 basis points, including 80 basis points from key commodity pass-through in the U.S. Also note that the sequential decline in pricing versus Q3 was accentuated by a deceleration in contribution from price in our Rest of World segment.

該公司第四季總定價下降了160 個基點，其中包括美國主要商品傳遞帶來的80 個基點。另請注意，與第三季度相比，定價的連續下降因我們世界其他地區部門價格貢獻的減速而加劇。

And regarding U.S. pricing trends, as Bernardo mentioned, we were happy with the returns and results on this front.

關於美國的定價趨勢，正如伯納多所提到的，我們對這方面的回報和結果感到滿意。

To provide more context and adjust for program timing, it's useful to understand the key drivers of U.S. pricing from a second half perspective.

為了提供更多背景資訊並調整規劃時間，從下半年的角度了解美國定價的主要驅動因素很有用。

U.S. pricing in the second half of 2018 was down 2.4 percentage points, with 1 point from passing through lower key commodity costs.

2018 年下半年美國的定價下降了 2.4 個百分點，其中 1 個百分點是由於關鍵大宗商品成本下降所致。

So U.S. pricing, net of key commodity impacts, was down 1.4% in the second half.

因此，扣除主要商品影響後，美國下半年的定價下降了 1.4%。

Out of this, 40 basis points of the decline was primarily related to defending our natural cheese business by closing price gaps to private label.

其中，下降 40 個基點主要與透過縮小與自有品牌的價格差距來捍衛我們的天然起司業務有關。

The remaining 1 point was a combination of opportunistic price investments and support of our innovation pipeline to stimulate incremental consumption with good lift and solid returns.

剩下的1分是機會主義價格投資和支持我們的創新管道相結合，以良好的提升和穩健的回報刺激增量消費。

Looking forward and excluding the impact of key commodity pass-through, we do not expect pricing to be down in 2019, either in the U.S. or globally.

展望未來，排除關鍵大宗商品傳導的影響，我們預期 2019 年無論是美國或全球定價都不會下降。

Moving to EBITDA.

轉向 EBITDA。

We said on our last call that we expected our EBITDA growth rate to improve beginning in Q4.

我們在上次電話會議中表示，我們預計 EBITDA 成長率將從第四季開始改善。

While this turned out directionally accurate, Q4 constant currency adjusted EBITDA was significantly below the expectations we previously outlined.

雖然結果顯示方向是準確的，但第四季以固定匯率調整後的 EBITDA 明顯低於我們先前概述的預期。

As Bernardo mentioned, this was driven by shortfalls in the United States.

正如貝爾納多所提到的，這是由美國的資金短缺造成的。

To be more specific, while the one-off factors we outlined in Q3, by and large, fell away as expected, anticipated savings did not materialize, particularly in our procurement area and, to a lesser extent, we had higher-than-anticipated costs in both manufacturing and logistics.

更具體地說，雖然我們在第三季度概述的一次性因素總體上按預期下降，但預期的節省並未實現，特別是在我們的採購領域，而且在較小程度上，我們的成本高於預期製造和物流成本。

Taken together, top line trends and bottom line results lead us to the key factors we considered over the past few months in finalizing our 2019 plans outlined on Slide 4, and I'll hand it back to Bernardo to start it off.

總而言之，頂線趨勢和底線結果引導我們了解過去幾個月在最終確定幻燈片 4 中概述的 2019 年計劃時考慮的關鍵因素，我將把它交還給 Bernardo 以開始它。

Now it's time for us to focus on the year ahead, what we see in front of us and how best to grow our business for the long term.

現在是我們關注未來一年、我們所看到的以及如何最好地長期發展我們的業務的時候了。

Our industry has been and is likely to remain challenged on several front, continued fragmentation of consumer demand, a general lack of affordability to reinvest in brands, retail competition where assortment is likely to grow in importance and, finally, in the short term, ongoing cost inflation.

我們的產業已經並可能繼續在幾個方面面臨挑戰：消費者需求持續分散，普遍缺乏對品牌進行再投資的能力，零售競爭的重要性可能會增加，最後，在短期內，持續的競爭成本通膨。

Given our savings shortfall and the high inflation we're seeing, we could focus on maintaining or expanding margins but risk forfeiting commercial growth and market share.

考慮到我們的儲蓄短缺和我們所看到的高通膨，我們可以專注於維持或擴大利潤率，但可能會喪失商業成長和市場份額。

By slowing our pace of innovation and channel development, focusing on marketing efficiency versus incremental marketing presence and compromising talent development at a critical time, we have not and we will not.

透過放慢創新和通路開發的步伐，專注於行銷效率而不是漸進式行銷存在，並在關鍵時刻犧牲人才發展，我們沒有，也不會。

We are choosing to focus on improving our long-term growth trajectory and returns by driving consumption and market share; leveraging next-generation capabilities for brand and category advantage; and importantly, securing the right talent in areas critical to growth.

我們選擇專注於透過推動消費和市場份額來改善我們的長期成長軌跡和回報；利用下一代能力獲得品牌和品類優勢；重要的是，在對成長至關重要的領域找到合適的人才。

In fact, in light of the industry backdrop, we have concluded that there is no better time for Kraft Heinz to improve our growth profile.

事實上，鑑於行業背景，我們得出的結論是，現在是卡夫亨氏改善成長狀況的最佳時機。

And looking forward, we have set 3 objectives for 2019: first, leverage our industry-leading margins to sustain our commercial momentum; second, more actively manage our portfolio; and third, strengthen our balance sheet as we continue to position Kraft Heinz for industry consolidation.

展望未來，我們為2019年設定了3個目標：第一，利用業界領先的利潤率來維持我們的商業動能；第二，更積極地管理我們的投資組合；第三，隨著我們繼續將卡夫亨氏定位為產業整合，加強我們的資產負債表。

I will cover our commercial growth initiatives, and David will outline our portfolio, capital restructure and financial expectations.

我將介紹我們的商業成長計劃，大衛將概述我們的投資組合、資本重組和財務預期。

By far, the biggest and the best thing you can do to build the long-term value of our portfolio is to capture sustainable commercial growth by building on the sales momentum from 2018.

到目前為止，要建立我們產品組合的長期價值，您能做的最大、最好的事情就是透過 2018 年的銷售動能來實現永續的商業成長。

And we have the stronger global pipeline we ever had to go after incremental consumer demand.

我們擁有更強大的全球管道來滿足不斷增長的消費者需求。

In the United States, we'll be launching a record level of innovation, improving base consumption, velocities and leveraging brands and go-to-market investments.

在美國，我們將推出創紀錄水準的創新，提高基礎消費、速度並利用品牌和上市投資。

In Canada, the priority is reignite consumption in peanut butter as well as sauces and condiments.

在加拿大，首要任務是重新點燃花生醬以及醬汁和調味料的消費。

In Europe and Rest of the World markets, whitespace initiatives will focus on driving incremental sauces consumption and opening new geographies.

在歐洲和世界其他地區市場，空白計劃將專注於推動增量醬汁消費並開闢新的地區。

And in Foodservice, all regions have significant opportunities to gain distribution and whitespace.

在餐飲服務領域，所有地區都有很大的機會獲得分銷和空白。

We will support these initiatives with fully funded brand programs, taking advantage of our superior media efficiency or cost per impression, and increasing our media effectiveness, our sales lift per impression by deploying new creative tools in digital marketing.

我們將透過全額資助的品牌計劃來支持這些舉措，利用我們卓越的媒體效率或每次印象成本，並透過在數位行銷中部署新的創意工具來提高我們的媒體效率和每次印象的銷售提升。

In a nutshell, we plan to go to market in 2019 with a stronger innovation pipeline than we ever had, backed by more marketing dollars while leveraging advantaged, category managed and go-to-market initiatives to win assortment and improve distribution across all channels, including e-commerce.

簡而言之，我們計劃在2019 年以比以往任何時候都更強大的創新管道進入市場，並以更多的營銷資金為後盾，同時利用優勢的品類管理和進入市場計劃來贏得品種並改善所有通路的分銷，包括電子商務。

And we plan to do this while we maintain industry-leading margins.

我們計劃在保持行業領先的利潤率的同時做到這一點。

Now let me turn back to David as the remaining objectives are a big part of his 2019 goals.

現在讓我回到 David，因為剩下的目標是他 2019 年目標的重要組成部分。

I'll start with our financial expectations going forward on Slide 6. Regarding top line, we are now well positioned to continue organic net sales growth, driven by incremental consumption gains.

我將從幻燈片 6 中的未來財務預期開始。就營收而言，在增量消費成長的推動下，我們現在處於有利地位，可以繼續實現有機淨銷售額成長。

This will reflect volume/mix growth from innovation, distribution and whitespace initiatives and pricing actions that balance cost inflation and our market share objectives.

這將反映創新、分銷和空白計劃以及平衡成本通膨和我們的市場份額目標的定價行動帶來的銷售/組合成長。

On pricing, note that we exited 2018 at strong levels of merchandising support and distribution.

在定價方面，請注意，我們在 2018 年結束時獲得了強勁的商品支援和分銷水平。

And price gaps are currently in a better place, so we do not expect pricing to be a drag year-on-year for 2019 as a whole.

而且價格差距目前處於更好的位置，因此我們預計定價不會對 2019 年整體造成同比拖累。

In fact, our U.S. business recently announced list price increases that are scheduled to take effect late in Q1.

事實上，我們的美國業務最近宣布了標價上漲，計劃於第一季末生效。

From an organic growth perspective, in the very near term, Q1 is likely to decline versus the prior year due to unfavorable trade timing and a shift in Easter-related shipments to Q2 this year from Q1 last year, trade timing in Canada, comparisons with a very strong winter soup season in the U.K. and destocking in Asia Pacific.

從有機成長的角度來看，在短期內，由於不利的貿易時機以及與復活節相關的出貨量從去年第一季度轉移到今年第二季度，第一季可能會比去年下降，加拿大的貿易時間，與英國冬季湯季旺季，亞太地區庫存減少。

For the year, we are targeting positive organic net sales growth, with commercial gains partially offset by price elasticity.

今年，我們的目標是實現積極的有機淨銷售額成長，商業收益部分被價格彈性所抵銷。

And on a nominal basis, a combination of currency headwinds and divestitures is likely to result in a 3 to 4-percentage-point headwind to net sales.

從名義上看，貨幣逆風和資產剝離的結合可能會導致淨銷售額下降 3 至 4 個百分點。

Regarding profitability, we fully expect to maintain industry-leading margins.

在獲利能力方面，我們完全期望保持行業領先的利潤率。

At the same time, we think it's prudent to begin the year by properly level-setting expectations.

同時，我們認為在年初適當設定預期水準是謹慎的做法。

To do so, as a one-off for 2019, we are breaking with our established guidance practices and setting a range for expected adjusted EBITDA of $6.3 billion to $6.5 billion for this year.

為此，作為 2019 年的一次性舉措，我們將打破既定的指導慣例，並將今年的預期調整後 EBITDA 範圍設定為 63 億美元至 65 億美元。

This includes commercial gains offset by stepped-up support of marketing, innovation, e-commerce and people; another year of low to mid-single-digit percentage non-key commodity inflation, net of cost savings; as well as foreign exchange rates and the 2 divestitures already announced.

這包括透過加強對行銷、創新、電子商務和人才的支持來抵消商業收益；扣除成本節約後，非關鍵商品通膨又將出現低至中個位數百分比；以及外匯匯率和已經宣布的兩項資產剝離。

In addition, we currently expect to begin 2019 with a first quarter that is likely to see a high-teens decline in adjusted EBITDA in percentage terms.

此外，我們目前預計 2019 年第一季調整後 EBITDA 的百分比可能會出現高點下降。

We will be up against our toughest EBITDA comparisons for the year, particularly in light of our expected net inflation curve, stepped-up commercial spending levels and with pricing not taking effect until late Q1.

我們將面臨今年最艱難的 EBITDA 比較，特別是考慮到我們預期的淨通膨曲線、商業支出水準的提高以及定價要到第一季末才生效。

Finally, at the EPS line, while we continue to believe that we can deliver top-tier growth, it will take hold from 2020 onwards.

最後，在每股盈餘方面，雖然我們仍然相信我們能夠實現頂級成長，但這種成長將從 2020 年開始保持不變。

This is because in addition to our EBITDA outlook, 2019 will see approximately $0.25 of nonoperating headwinds versus 2018.

這是因為除了我們的 EBITDA 展望外，2019 年與 2018 年相比還將出現約 0.25 美元的非經營性阻力。

This will come from a combination of several factors: $80 million of incremental depreciation expense; a roughly $120 million reduction in the other income line, mainly due to rising interest rates, increasing pension interest costs and less favorable market returns on planned assets assumed versus 2018; approximately $40 million of additional interest expense and a full year effective tax rate between 20% and 22%.

這將來自多個因素的結合： 8,000 萬美元的增量折舊費用；其他收入項目減少約 1.2 億美元，主要是由於利率上升、退休金利息成本增加以及假設的計劃資產的市場回報與 2018 年相比較差；大約 4000 萬美元的額外利息支出以及 20% 至 22% 之間的全年有效稅率。

Taken together, top line, EBITDA and EPS drivers, while we expect to take a step backwards in 2019, we remain confident in delivering consistent profit growth from 2020 onwards, driven by fully leveraging our advantage brands, cost structures and capabilities.

綜合考慮營收、EBITDA 和EPS 驅動因素，雖然我們預計2019 年將出現倒退，但我們仍然有信心在充分利用我們的優勢品牌、成本結構和能力的推動下，從2020 年起實現持續的利潤增長。

The rest of our plan is focused on how we can take additional steps to improve our portfolio's growth trajectory, strengthen our balance sheet and position ourselves against inorganic opportunities.

我們計劃的其餘部分重點是如何採取額外措施來改善我們的投資組合的成長軌跡，加強我們的資產負債表並為自己定位無機機會。

It starts with the potential for more active portfolio management, specifically through divestitures as a way to further improve our growth and returns as well as accelerate our deleveraging.

首先是更積極的投資組合管理的潛力，特別是透過資產剝離，作為進一步提高我們的成長和回報以及加速去槓桿化的一種方式。

The recent transactions we have announced, Indian beverages and Canada Natural Cheese, provide a good template of precedent for additional actions to exit areas with no clear path to competitive advantage and sell assets with strong valuations with some earnings dilution.

我們最近宣布的印度飲料和加拿大天然起司交易為採取額外行動退出沒有明確競爭優勢途徑的領域以及出售具有一定盈利稀釋的估值較高的資產提供了良好的先例模板。

We have now dedicated more resources, adding experience with Carlos Piani fully focused on our portfolio management efforts.

我們現在投入了更多資源，增加了 Carlos Piani 的經驗，完全專注於我們的投資組合管理工作。

And as we're able to execute such actions, we will look to deleverage with the proceeds, which leads to our next objective, further strengthening our balance sheet.

當我們能夠執行此類行動時，我們將尋求利用收益去槓桿化，這將導致我們的下一個目標，進一步加強我們的資產負債表。

I think it's important to first recognize that we have the capacity to drive industry-leading cash generation along with industry-leading margins and expect to hold existing working capital and CapEx levels even as we drive the growth agenda we've outlined.

我認為，首先要認識到，我們有能力推動行業領先的現金產生和行業領先的利潤率，並期望在推動我們概述的成長議程的同時保持現有的營運資本和資本支出水平。

In addition, given the industry backdrop and opportunities in front of us, we now see even greater strategic advantage in accelerating our deleveraging towards our ongoing 3x leverage target and strengthening the term structure of our debt.

此外，考慮到我們面前的產業背景和機遇，我們現在看到了更大的策略優勢，即加速去槓桿化，實現當前的3倍槓桿目標，強化債務期限結構。

To do this, we're undertaking 2 specific actions: first, we intend to dedicate the divestiture proceeds from the sale of our India beverage and Canada Natural Cheese businesses to debt reduction.

為此，我們將採取兩項具體行動：首先，我們打算將出售印度飲料和加拿大天然起司業務的剝離收益用於減少債務。

We also intend to do the same with proceeds from additional divestitures we are currently considering.

我們還打算對我們目前正在考慮的額外剝離的收益採取同樣的做法。

Second, today, we're announcing a reduction in our quarterly dividend to $0.40 per share or $1.60 per year, down from a rate of $2.50 per year.

其次，今天我們宣布將季度股息從每年 2.50 美元下調至每股 0.40 美元或每年 1.60 美元。

This will not only provide us greater balance sheet flexibility, it will also establish a base dividend that we can grow consistent with EBITDA growth over time.

這不僅將為我們提供更大的資產負債表彈性，還將建立基礎股息，使我們能夠隨著時間的推移與 EBITDA 成長保持一致。

And we are comfortable that this level of dividend can accommodate the 2 divestitures we have already announced as well as those we are currently considering.

我們感到滿意的是，這一水平的股息可以適應我們已經宣布的以及我們目前正在考慮的兩項資產剝離。

These initiatives will accelerate the strengthening of an already solid balance sheet with a fully funded pension plan and continue to position Kraft Heinz for industry consolidation.

這些措施將透過全額資助的退休金計畫加速強化本已穩固的資產負債表，並繼續為卡夫亨氏的產業整合奠定基礎。

Now I'll turn it back to Bernardo to close.

現在我將把它轉回貝爾納多來結束。

Thank you, David.

謝謝你，大衛。

Before we take your questions, I think it's useful to put our progress to date, our plans and priorities as well as our expectations beyond 2019 into context.

在我們回答你們的問題之前，我認為有必要先了解我們迄今為止的進展、我們的計劃和優先事項以及我們對 2019 年以後的期望。

When we put Kraft Heinz together in mid-2015, our focus through 2017 was clarity on necessary product renovation and supply chain integration, taking out costs that drops no benefit to our consumers, establishing retool and routines, and testing and learning new tools to adapt to a rapidly changing environment.

當我們在2015 年年中整合卡夫亨氏時，我們2017 年的重點是明確必要的產品革新和供應鏈整合，消除不會給消費者帶來任何好處的成本，建立重組和例程，並測試並學習新工具以適應適應快速變化的環境。

Beginning in 2018 and into 2019, we'll focus on leveraging our industry-leading margins to establish key growth pillars through innovation and whitespace expansion, accelerate the global deployment of advantage capabilities across all channels and geographies and now more actively managing our portfolio for better growth and returns.

從2018 年開始到2019 年，我們將專注於利用行業領先的利潤率，透過創新和空白擴張建立關鍵成長支柱，加速跨所有管道和地區的優勢能力的全球部署，現在更積極地管理我們的產品組合，以更好地管理我們的產品組合。成長和回報。

From 2020, we expect to see growth on both the top and bottom lines, as the full leverage of our advantage brands, cost structure and investments flows to the P&L.

從 2020 年開始，隨著我們的優勢品牌、成本結構和投資的充分利用，我們預期收入和利潤都會成長。

So to summarize, we have continued to invest and focus on building our highly scalable operational model, to position ourselves for sustainable organic growth and returns and doing so at the time when the need for industry to modernize and consolidate is more evident than it was 5 or even 3 years ago.

總而言之，我們繼續投資並專注於建立我們高度可擴展的營運模式，以實現可持續的有機增長和回報，並且在行業現代化和整合的需求比 5 年前更加明顯的時候這樣做。甚至3年前。

Now we will be happy to take your questions.

現在我們很樂意回答您的問題。

(Operator Instructions) And our first question will come from the line of Andrew Lazar with Barclays.

（操作員說明）我們的第一個問題將來自巴克萊銀行的安德魯·拉扎爾（Andrew Lazar）。

I guess, I'll kick it off with -- you mentioned, I think, David, that you thought that there was an opportunity for greater strategic advantage, I think, were the words you used, for greater divestiture activity today than previously.

我想，我會以──我想，大衛，你提到過，你認為有機會獲得更大的戰略優勢，我想，這就是你所使用的詞，今天的剝離活動比以前更大。

I was hoping to get a little more clarity on what you meant by that.

我希望能更清楚地了解您的意思。

Is it a matter of just simply strengthening the balance sheet because you see more opportunities for more transformational deals now than you did before?

這是否只是簡單地加強資產負債表，因為您現在看到比以前有更多進行轉型交易的機會？

Is it that valuation opportunities on those potential assets for sale are greater than maybe what you would have expected previously?

這些潛在待售資產的估值機會是否比您之前預期的要大？

I'm trying to get a better handle on that.

我正在努力更好地處理這個問題。

Andrew, it's Bernardo.

安德魯，這是貝爾納多。

Let me take this part of the question.

讓我來回答這部分問題。

I think we're seeing a large (inaudible) in the industry.

我認為我們正在行業中看到一個巨大的（聽不清楚）。

And we are going through commercially a good momentum, right, with acceleration in consumption, in share gains, in volumes, right?

我們正在經歷商業上的良好勢頭，對吧，消費加速，份額增長，數量增加，對吧？

Also true that you're coming out of the integration, we know more about the categories and the competitive advantage of each one of our brands than ever before.

同樣，隨著您從整合中走出來，我們比以往任何時候都更了解我們每個品牌的類別和競爭優勢。

So with that in mind, our decision here was to execute the strategy on deleveraging faster so we can better position the company for future consolidation, right?

因此，考慮到這一點，我們的決定是更快地執行去槓桿化策略，以便我們能夠更好地為公司未來的整合做好定位，對嗎？

As usual, we reward more things than we're actually doing.

像往常一樣，我們獎勵的事情比我們實際做的多。

But as we did in the second half of last year, we did divestiture of India Beverage and the Canadian Natural Cheese business.

但正如我們去年下半年所做的那樣，我們剝離了印度飲料和加拿大天然起司業務。

I think the good framework for the things we're looking today, and that's exactly the point you are right now.

我認為我們今天正在尋找的東西的良好框架，而這正是你現在的重點。

Our next question comes from the line of Bryan Spillane with Bank of America.

我們的下一個問題來自美國銀行的布萊恩‧斯皮蘭 (Bryan Spillane)。

I guess, 2 questions, or 2 points, I guess, related to the, I guess, the build from -- through -- from the end of '18 through getting back to growth in 2020.

我想，有兩個問題，或者說兩點，我想，與從 18 年底到 2020 年恢復成長的建造有關。

One is just how much incremental investment is contemplated in your 2019 plan?

一是2019年計畫預計增量投資多少？

So how much more are you spending in addition of -- in terms of what you stepped up in 2018?

那麼，就 2018 年的支出而言，您還額外支出了多少呢？

And then, second, the visibility in your business has not been very good.

其次，你的業務知名度不是很好。

I think we've experienced that here in the second half.

我想我們在下半場已經經歷過這一點。

So I think it would be really helpful if you could provide a little bit more color in terms of sort of how you see a bridge to actually getting to some growth in 2020.

因此，我認為如果您能提供更多的資訊來說明您如何看待 2020 年真正實現成長的橋樑，那將會非常有幫助。

Bryan, thanks for the question.

布萊恩，謝謝你的提問。

This is David.

這是大衛。

So let me step back for a second and I can break down our 2019 outlook a bit more and get a sense for our EBITDA expectations year-over-year.

因此，讓我退後一步，我可以進一步分析我們 2019 年的前景，並了解我們逐年 EBITDA 的預期。

So overall, we expect gains from consumption growth to be in line with the stepped-up spending behind our initiatives.

因此，總體而言，我們預期消費成長帶來的收益將與我們舉措背後的支出增加相一致。

So really, the main drivers for the expected EBITDA decline year-over-year are a few factors: first, the net inflation that we talked about that we expect to see again in 2019; the divestitures I talked about; FX; and to a lesser extent, variable compensation.

因此，實際上，預期 EBITDA 年比下降的主要驅動因素有幾個因素：首先，我們預計 2019 年將再次出現的淨通膨；我談到的資產剝離；外匯；以及在較小程度上，可變補償。

So to be more specific, if you assume the midpoint of our range or a roughly $700 million decline year-over-year, let me elaborate on the 4 main drivers behind that.

因此，更具體地說，如果您假設我們的範圍的中點或同比下降約 7 億美元，那麼讓我詳細說明其背後的 4 個主要驅動因素。

So first off, on the commercial side, again, we should be neutral on the bottom line as we expect the positive contribution from further consumption gains to be in line with the stepped-up investments as we accelerate the pace of our innovation, base business performance and channel development; second, beyond that, roughly half of the total EBITDA decline or roughly $300 million to $400 million is driven by continued inflation, net of cost savings, in the low to mid-single-digit range, consistent with what we saw in 2018.

因此，首先，在商業方面，我們應該對利潤保持中立，因為我們預計，隨著我們加快創新和基礎業務的步伐，進一步消費成長的積極貢獻將與加大投資相一致。績效和通路開發；其次，除此之外，EBITDA 下降總額的大約一半（即約3 億至4 億美元）是由持續的通貨膨脹（扣除成本節約）造成的，處於中低個位數範圍，與我們在2018 年看到的情況一致。

So this will be driven by another year of mid-single-digit growth -- low to mid-single-digit growth inflation, excluding key commodities.

因此，這將受到另一年中個位數成長的推動——低至中個位數的通膨增長，不包括主要商品。

And given the recent experience, actions we've taken to replan the savings and pushing out the savings curve.

根據最近的經驗，我們已採取行動重新規劃儲蓄並推動儲蓄曲線。

Third, we expect the combination of foreign exchange headwinds and the divestitures we've already announced, that should drive another $250 million headwind to adjusted EBITDA versus 2018.

第三，我們預期外匯不利因素和我們已經宣布的資產剝離相結合，將導致調整後 EBITDA 與 2018 年相比再出現 2.5 億美元的不利因素。

And then, finally, we have an impact from variable compensation, which is another roughly $80 million year-over-year.

最後，我們受到可變薪酬的影響，比去年同期增加了約 8000 萬美元。

So taken together, this will put us where we still have the highest margin in the industry, and we believe that is the right base to build from.

總而言之，這將使我們仍然擁有業內最高的利潤率，我們相信這是正確的基礎。

So to elaborate more on why we're confident even with the miss in expectations that we saw in Q4 and the decline in EBITDA that we're seeing in 2019, let me elaborate a little bit on why we're so confident in 2020.

因此，為了更多地闡述為什麼我們仍然充滿信心，儘管我們在第四季度看到的未達到預期以及 2019 年 EBITDA 的下降，讓我稍微闡述為什麼我們對 2020 年如此有信心。

First, on the top line, we should be very well positioned for solid organic growth globally, okay?

首先，從營收來看，我們應該為全球穩健的有機成長做好充分準備，好嗎？

We're already seeing real consumption-driven growth in the U.S. and globally today that we're able to create in the second half of 2018.

今天，我們已經在美國和全球看到了真正的消費驅動型成長，並且我們能夠在 2018 年下半年實現這一成長。

And in 2019, we expect to further improve our consumption rate behind the largest innovation pipeline that we've ever had and more support on the core business.

2019年，我們預計將進一步提高我們有史以來最大的創新管道背後的消費率，並為核心業務提供更多支援。

And we have a rapidly growing international business with significant exposure to emerging markets and whitespace opportunities to accelerate that growth globally.

我們擁有快速成長的國際業務，在新興市場擁有大量業務，並擁有加速全球成長的空白機會。

At EBITDA, in 2019, we are spending ahead to support an even larger innovation pipeline that I mentioned and accelerating channel development, particularly in e-commerce.

在 2019 年 EBITDA 上，我們將提前投入資金來支持我提到的更大的創新管道，並加速通路開發，特別是在電子商務領域。

So the right spending in commercial support levels, capabilities and marketing will have been established this year in 2019.

因此，今年將在 2019 年確定商業支援水準、能力和行銷方面的正確支出。

And then, on the cost side, the extraordinary inflation that we're seeing in 2018 and that we're now seeing in 2019 from things like tariffs and transportation should mitigate over time as we're starting to see in the spot markets today.

然後，在成本方面，我們在2018 年看到的異常通貨膨脹以及我們現在在2019 年看到的關稅和運輸等方面的通貨膨脹應該隨著時間的推移而減輕，正如我們今天開始在現貨市場看到的那樣。

And we're also confident that we will be able to -- we'll be in a much stronger position to manage those costs through pricing and our savings curve going forward in 2020.

我們也相信，我們將能夠在 2020 年透過定價和儲蓄曲線來管理這些成本。

And finally, at EPS, our nonoperating below-the-line cost that I talked about should be at run rate levels, so that we can leverage the organic growth into both EBITDA and EPS growth 2020 going forward.

最後，在每股盈餘方面，我談到的非經營性線下成本應該處於運行率水平，這樣我們就可以利用有機成長來推動 2020 年 EBITDA 和每股盈餘的成長。

Bryan, just to add to what David just said to the numbers, we're seeing a strong consumption-driven growth in our business today that we plan to accelerate.

布萊恩，補充大衛剛才所說的數字，我們今天看到我們的業務出現了強勁的消費驅動型成長，我們計劃加速這一成長。

And the base we're assessing for 2019 get us to the right metrics and KPIs in all our key investments, marketing, innovation, supply chain, channels, digital.

我們正在評估 2019 年的基礎，使我們能夠在所有關鍵投資、行銷、創新、供應鏈、管道、數位方面獲得正確的指標和 KPI。

So with that base, we are very confident as we grow the business in 2019 and '20, that EPS and EBITDA grows together with that perspective.

因此，有了這個基礎，我們非常有信心，隨著 2019 年和 20 年業務的成長，每股盈餘和 EBITDA 將與此觀點一起成長。

Our next question comes from the line of Ken Zaslow with BMO.

我們的下一個問題來自 BMO 的 Ken Zaslow。

I have one question.

我有一個問題。

What are the key changes that will take place to change the planning and execution of the savings so we can become more -- so they can become more reliable and kind of put it into a better action?

將發生哪些關鍵變化來改變節省的規劃和執行，以便我們能夠變得更加可靠，並將其付諸更好的行動？

Are they going to be management changes?

管理層會變動嗎？

Is it going to be a change to the methodology?

方法論會改變嗎？

Oversight?

監督？

Can you talk about that?

你能談談嗎？

Ken, thanks for the question, this is David.

肯，謝謝你的提問，我是大衛。

So again, let me step back for a second and kind of walk through our Q4 performance versus our original expectations to provide a little more context, and then I'll hand it over to Bernardo to provide a little more color on what we're doing differently to make sure this doesn't happen.

再次，讓我退後一步，回顧一下我們第四季度的表現與我們最初的預期，以提供更多背景信息，然後我將把它交給貝爾納多，以提供更多關於我們的情況的信息.採取不同的做法以確保這種情況不會發生。

On the Q3 call, we did expect Q4 EBITDA growth to improve sequentially, as I talked about, versus the 14% year-over-year decline we saw in Q3, okay?

正如我所說，在第三季電話會議上，我們確實預計第四季 EBITDA 成長將環比改善，而第三季將年減 14%，好嗎？

And that assumption was based off of the fact that we expect the transitory headwinds and one-offs in Q3 that would fall away, which would effectively bring our run rate growth to more of a high single-digit decline year-over-year.

這一假設是基於這樣一個事實，即我們預計第三季度的短暫逆風和一次性因素將會消失，這將有效地使我們的運行率增長同比出現更高的個位數下降。

And then, on top of that, we expected savings to accelerate, leading to a significant sequential improvement from Q3 to Q4.

除此之外，我們預計節省將加速，從而導致第三季到第四季的顯著連續改善。

Obviously, in the end, the transitory one-off factors did fall away as expected, but we had 3 negative impacts in the quarter that we didn't expect: first, we had roughly a 3.5 percentage point impact of unanticipated cost headwinds, which I can explain further; second, we didn't have the anticipated savings curve that we expected to materialize in the quarter to partially offset the inflation we're seeing; and then, finally, we did have an incremental FX drag of about 1.5 percentage points in Q4 versus Q3.

顯然，最終，暫時性一次性因素確實如預期消失了，但本季我們產生了 3 個我們沒有預料到的負面影響：首先，我們受到了約 3.5 個百分點的意外成本逆風影響，這我可以進一步解釋；其次，我們沒有預期本季實現的儲蓄曲線能夠部分抵銷我們所看到的通貨膨脹；最後，第四季的外匯拖累確實比第三季增加了約 1.5 個百分點。

So given all these factors, the year-on-year decline in Q4 is much closer than Q3, and we didn't see the sequential improvement.

因此，考慮到所有這些因素，第四季度的同比下降幅度比第三季度要接近得多，而且我們沒有看到環比的改善。

With that, I'll hand it over to Bernardo to answer your other question.

接下來，我將把它交給貝爾納多來回答你的另一個問題。

Ken, I think it's a very fair point, and even though we're disappointed with the miss, that's pretty much focused, like David said, in the supply chain operations in United States.

肯，我認為這是一個非常公平的觀點，儘管我們對這次失誤感到失望，但正如大衛所說，我們的重點是美國的供應鏈運作。

We did took several actions to not allow this to happen again, right?

我們確實採取了一些行動來避免這種情況再次發生，對嗎？

Actions in the planning process, in organization structure and position ourselves to make sure our savings curve really match, right, the timing and the effectiveness for the year.

規劃過程、組織結構和自身定位中的行動，以確保我們的儲蓄曲線真正匹配今年的時間和有效性。

So even though we understand the reasons of the miss, and we saw in the Q4, higher cost and more volumes coming through the pipe.

因此，儘管我們了解失敗的原因，並且我們在第四季度看到了更高的成本和更多的銷售。

And we could not offset to timing of our savings curve, we did took actions, process, planning and structure to not repeat that again.

我們無法抵消儲蓄曲線的時間安排，但我們確實採取了行動、流程、計劃和結構，以免再次重蹈覆轍。

And our next question comes from the line of Dara Mohsenian with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Dara Mohsenian。

Could you -- first, just for clarification, can you provide a bit more detail on the circumstances behind the SEC subpoena on the procurement side?

首先，為了澄清起見，您能否提供有關 SEC 傳票背後採購方面情況的更多細節？

It sounds like it originated externally as opposed to finding something internally.

聽起來它起源於外部，而不是在內部發現的東西。

So just curious for the circumstances there.

所以只是對那裡的情況感到好奇。

And then, on the pricing front, you mentioned increases in the U.S. by the end of Q1.

然後，在定價方面，您提到第一季末美國的價格上漲。

Can you give us a rough idea of what percentage of your business that represents?

您能給我們大概介紹一下您的業務所佔的比例嗎？

And given we've seen the price gap move up versus private label in a lot of your key product categories in the U.S. over the last few years, do you think there might need to be a broader reset of price gaps at some point, particularly with the market share momentum we're seeing at private label?

鑑於過去幾年我們在美國的許多關鍵產品類別中看到價格差距與自有品牌相比有所上升，您認為在某個時候可能需要更廣泛地重置價格差距，特別是隨著我們在自有品牌相比有品牌上看到的市佔率動能？

This is David.

這是大衛。

Thanks for the question.

謝謝你的提問。

So I'll answer the first part of your question and then hand it over to Paulo to U.S -- pricing in the U.S. So the company was notified by the SEC regarding an investigation into the company's procurement area.

所以我會回答你問題的第一部分，然後將其交給美國的保羅——在美國定價。因此，該公司收到了美國證券交易委員會關於對該公司採購領域進行調查的通知。

Following this, we conducted a very thorough internal investigation with the support of an independent law firm and accounting firm.

此後，我們在獨立律師事務所和會計師事務所的支持下進行了非常徹底的內部調查。

And we determined that we should have recorded $25 million in prior periods, which we booked in Q4 2018.

我們確定我們應該在前期記錄 2500 萬美元，這是我們在 2018 年第四季登記的。

And to put into context, that compares to our overall procurement spend of over $11 billion, which excludes big 4 commodities spend.

相較之下，我們的整體採購支出超過 110 億美元，其中不包括四大商品支出。

So this misstatement was not material to our current or prior year financial statements.

因此，這種錯報對我們目前或去年的財務報表並不重要。

And finally, we did implement several improvements to internal controls and took remedial measures to mitigate the likelihood that this happens again.

最後，我們確實對內部控制進行了幾項改進，並採取了補救措施，以降低這種情況再次發生的可能性。

So with that, I'll hand it over to Paulo to address pricing.

因此，我將把它交給保羅來解決定價問題。

Thanks, Dave.

謝謝，戴夫。

Let me start from the -- answering the private label question and then we move to the 2019 pricing.

讓我從回答自有品牌問題開始，然後我們轉向 2019 年定價。

Why we're seeing the private label expanding and it's doing so at a more -- we are seeing this happening at a more restrained pace, around 0.2 points of share in Q4.

為什麼我們看到自有品牌正在擴張，而且擴張速度更快——我們看到這種情況發生的速度更加有限，第四季度的份額約為 0.2 個百分點。

It was a material step down from previous quarters that we're seeing.

我們看到，與前幾季相比，這是一個實質的下降。

And we are seeing the most pressure in areas where low commodities, excess capacity and retail competition come together, mostly now in some subsegments of our cheese portfolio.

我們看到，大宗商品價格低迷、產能過剩和零售競爭交織在一起的領域面臨最大的壓力，現在主要是在我們起司產品組合的某些細分領域。

In natural cheese, we see also the retailers have used price matching to drive traffic and being able to invest back, that was part of our price investment we've had in the second half to narrow the price gaps.

在天然起司中，我們還看到零售商利用價格匹配來推動流量並能夠進行投資，這是我們下半年為縮小價格差距而進行的價格投資的一部分。

And after that, we saw branded and private label share starting to stabilize.

此後，我們看到品牌和自有品牌的份額開始穩定。

So again, we're always monitoring the value proposition of the market and continue to innovate and differentiate our brands and products on that matter.

因此，我們始終關注市場的價值主張，並在這方面繼續創新和差異化我們的品牌和產品。

When you think about 2019 pricing, we already have announced our pricing.

當您考慮 2019 年定價時，我們已經公佈了定價。

We did an analysis in terms of to define the right part of the portfolio that we are pricing, being very conscious about the balance between sales and cost while still providing the best value equation and helping to drive category growth.

我們進行了分析，以確定我們正在定價的投資組合的正確部分，非常清楚銷售和成本之間的平衡，同時仍然提供最佳價值方程式並幫助推動類別成長。

And we are seeing, we already announced, this thing is going to take effect in Q1.

我們看到，我們已經宣布，這件事將在第一季生效。

And we expect overall -- our overall pricing to turn positive over the course of '19.

我們預計總體而言，我們的整體定價將在 19 年期間轉為正值。

Our next question comes from the line of Ken Goldman with JPMorgan.

我們的下一個問題來自肯·戈德曼（Ken Goldman）與摩根大通的對話。

Bernardo, as you know, one of the bare thesis over the years on the 3G philosophy has been that, I guess, the intense cost-saving efforts will, over the long run, sort of erode brand equities.

如你所知，Bernardo，多年來關於 3G 理念的一個簡單論點是，我認為，從長遠來看，大力節省成本的努力將在某種程度上侵蝕品牌資產。

And I realize you've had a better top line lately, but one could argue, it took a $300 million spending infusion to get there.

我意識到你們最近的收入有所提高，但有人可能會說，是投入了 3 億美元的支出才達到這一目標的。

And I think, more importantly, you took a $15 billion write-down on 2 of your biggest brands, Kraft and Oscar Mayer.

我認為，更重要的是，你們對兩個最大的品牌卡夫和奧斯卡梅耶爾進行了 150 億美元的減記。

And to me, that literally means the brand equities there aren't what they used to be.

對我來說，這實際上意味著那裡的品牌資產已經不再是以前的樣子了。

So when investors are looking at the consistent financial disappointments at Kraft, maybe even bringing the eye into the discussion.

因此，當投資者關注卡夫食品持續令人失望的財務狀況時，甚至可能將目光帶入討論中。

And if they ask why -- if the 3G belt-tightening strategy goes too far and if it damages brands, is there at least some evidence starting to point to yes there?

如果他們問為什麼——如果 3G 緊縮策略走得太遠，如果它損害了品牌，是否至少有一些證據開始表明答案是肯定的？

I'm just curious for your thoughts on that.

我只是好奇你對此的想法。

Ken, let David talk about the impairment here that you just mentioned.

Ken，讓David談談你剛才提到的損傷。

Then I come back here to talk about the model that what is implicit in your question here.

然後我回到這裡談談你的問題中隱含的模型。

Thanks for that.

感謝那。

David, can you start?

大衛，你可以開始了嗎？

Thanks, Bernardo.

謝謝，貝爾納多。

So in terms of the impairment, the write-down was primarily reflected -- it reflected revised margin expectations and this was for really 3 businesses of ours: first, the Kraft natural cheese business; second, our Oscar Mayer cold cuts business, where we've talked about issues that we had in the first part of the year; and then, third, our Canada retail business.

因此，就減損而言，減記主要反映了——它反映了修改後的利潤率預期，這實際上是針對我們的3 項業務：首先是卡夫天然起司業務；其次是卡夫天然起司業務；第二，我們的奧斯卡·梅耶爾冷盤業務，我們討論了今年上半年遇到的問題；第三，我們的加拿大零售業務。

And really, the fundamental driver behind the reduction in expectations was driven by our second half performance, okay, which was primarily driven by supply chain issues that we had in the cost side as you know.

事實上，預期降低背後的根本驅動因素是我們下半年的業績，好吧，這主要是由我們在成本方面遇到的供應鏈問題所驅動的。

And then, just to provide a little more context, since the merger, we've also seen significant pressure on valuations from a higher discount rate come into play, which has partially offset albeit by [factions] but that's really the context around the impairment.

然後，為了提供更多背景信息，自合併以來，我們也看到較高的貼現率對估值產生了巨大壓力，儘管[派系]部分抵消了這一壓力，但這確實是圍繞減值的背景。

And I'll hand over to Bernardo to answer the rest of your question.

我將請貝爾納多回答你剩下的問題。

Ken, look, we still believe strongly that our model is working and has a lot of potential for the future, right?

肯，你看，我們仍然堅信我們的模型正在發揮作用，並且在未來具有很大的潛力，對吧？

First, let's remember, we continue to be rated with leading industry margins, right?

首先，讓我們記住，我們的利潤率繼續保持行業領先，對吧？

And now, we are growing, right, at the same level as the top-tier companies within similar portfolio, right?

現在，我們的成長速度與類似投資組合中的頂級公司處於同一水平，對嗎？

So that's very important to put in perspective.

因此，正確看待這一點非常重要。

Second, the miss we had, and we're acknowledging here properly, has been focused on operations, supply chain, United States.

其次，我們的失誤一直集中在美國的營運、供應鏈上，我們在這裡正確地承認這一點。

The commercial momentum -- consumption growth continue to accelerate rightly so.

商業動力－消費成長持續加速也是理所當然的。

With the investments that we're doing since 2018, now 2019.

我們自 2018 年以來一直在進行投資，現在是 2019 年。

We can say we have the right base to be growing, through consumption, volumes and share, at the same time, maintaining high leading margins to the industry.

我們可以說，我們擁有透過消費、銷售和份額來實現成長的正確基礎，同時保持行業的高領先利潤率。

Into 2020, like David highlights to their alternate numbers, right, we do believe to that base, we are going to be in a very solid position to be growing top line and bottom line.

進入 2020 年，就像大衛強調的他們的替代數字一樣，我們確實相信，以此為基礎，我們將處於非常穩固的地位，能夠實現營收和利潤的成長。

Not only that, we are working more actively the portfolio.

不僅如此，我們正在更積極地進行投資組合工作。

And now, with the reduction of the dividend, allows us to have more flexibility in our balance sheet to really deleverage faster and position ourselves to more consolidation in the future that we believe is necessary and will happen with that model.

現在，隨著股息的減少，我們的資產負債表有了更大的靈活性，可以真正更快地去槓桿化，並在未來進行更多的整合，我們認為這是必要的，並且會在這種模式下發生。

And so we are confident in the things we're doing, even though we acknowledge, we did have the miss in the fourth quarter, like highlighted by David.

因此，我們對我們正在做的事情充滿信心，儘管我們承認，我們確實在第四季度出現了失誤，正如大衛所強調的那樣。

Can I ask you a very quick follow-up?

我可以要求您快速跟進嗎？

David and Bernardo, thank you for that, that's helpful.

大衛和伯納多，謝謝你們，這很有幫助。

David, I think you mentioned that it was more of a short-term, like the last couple of quarter issue with the 2 brand and maybe discount rates have risen.

大衛，我想你提到這更多的是短期的，就像 2 品牌的最後幾季的問題，也許折扣率已經上升。

The companies generally don't take write-downs because recent performance was bad and because discount rates have risen.

這些公司通常不會進行減記，因為最近的業績不佳且折現率上升。

Isn't there something broader and longer term that usually leads to these kind of impairments?

難道沒有更廣泛和更長期的因素通常會導致這些損害嗎？

Yes, that's a great question and thanks for that.

是的，這是一個很好的問題，謝謝。

Just to be clear, by far and away, the majority of the impairment, which was really concentrated in these 3 businesses that I mentioned, it was, by far and away, driven by the second half performance and the new level of margin and profitability that we're talking about versus what it was before.

需要明確的是，到目前為止，大部分減值實際上集中在我提到的這三項業務中，這很大程度上是由下半年的業績以及新的利潤率和盈利水平推動的我們正在談論的與之前的情況相比。

So the margin profile and what we established in the second half was really the key driver behind the impairment.

因此，利潤率狀況和我們在下半年建立的情況確實是減損背後的關鍵驅動因素。

And our next question comes from the line of David Driscoll with Citi.

我們的下一個問題來自花旗銀行的大衛‧德里斯科爾（David Driscoll）。

I just had a couple of questions, but I think they're reasonably short.

我只是有幾個問題，但我認為它們相當短。

Can you give us some sense of the size of the assets that you wish to sell that haven't been announced?

您能否向我們介紹一下您希望出售但尚未公佈的資產規模？

And would it be something like on the magnitude of 5% of the revenue base?

大概是收入基數 5% 的規模嗎？

And then, I had a question about the savings programs.

然後，我有一個關於儲蓄計劃的問題。

I think you made a statement, David, in your script that in the forecast, the savings programs had been "pushed out." So I'm a little confused as to kind of why that's happening and why can't you achieve the internal savings at the same time that you're generating the revenue performance?

大衛，我想你在你的劇本中說過，在預測中，儲蓄計劃已被「取消」。所以我有點困惑為什麼會發生這種情況，為什麼你不能在產生收入績效的同時實現內部節省？

And then, related to that, if you didn't hit the savings that you expected in the fourth quarter, don't those savings programs show up in like the first quarter of '19 or second quarter of '19?

然後，與此相關的是，如果您在第四季度沒有達到預期的儲蓄，那麼這些儲蓄計劃不會在 19 年第一季或 19 年第二季出現嗎？

I mean, I don't think there's -- they shouldn't disappear but it feels like, within the guidance, that they did, and I just maybe don't understand what's happened right there.

我的意思是，我認為它們不應該消失，但感覺在指導範圍內它們確實消失了，我只是可能不明白那裡發生了什麼。

David, it's Bernardo.

大衛，我是貝納多。

Let me drive the first part of the question.

讓我來回答問題的第一部分。

We're not discussing here size or our soul.

我們在這裡不討論尺寸或我們的靈魂。

What you're saying is that we will work our portfolio to strengthen our balance sheet as we're doing the dividend to have more flexibility for future consolidation as we see it.

你的意思是，我們將透過我們的投資組合來加強我們的資產負債表，因為我們正在發放股息，以便為我們認為的未來整合提供更大的靈活性。

As David said, our objective is to deleverage, right, to 3x in the middle term at a faster pace than we're doing today.

正如大衛所說，我們的目標是在中期以比今天更快的速度去槓桿化，對吧，去槓桿化至三倍。

With that, and the knowledge you have of the portfolio today, with our competitive advantage by brands and category, allows us to be in a very good position to understand the magnitude that what we can do or we cannot do.

有了這些，再加上您今天對產品組合的了解，以及我們在品牌和品類方面的競爭優勢，使我們能夠處於非常有利的位置，了解我們能做什麼或不能做什麼。

I don't want to elaborate more than we are doing right now.

我不想比我們現在所做的更多地闡述。

With that, David, can you open again the '18 and '19 to clarify here to David?

大衛，你能再次打開「18」和「19」向大衛澄清嗎？

David, this is David.

大衛，這是大衛。

Thanks for the question.

謝謝你的提問。

So on the savings side, we were overly optimistic on our ability to offset significant inflation in the quarter.

因此，在儲蓄方面，我們對抵銷本季大幅通膨的能力過於樂觀。

And again, that drove a significant part of the miss.

再一次，這導致了失誤的很大一部分。

So this savings miss was really a combination of 2 things, under-delivery from supplier negotiations and delayed manufacturing projects.

因此，這種節約失誤實際上是兩件事的結合：供應商談判導致的交付不足和製造專案延遲。

And to give you a little bit of color on what some of those projects were like, they included line optimizations, yield improvements and assumed even better performance on some of our footprint plans that we discussed previously.

為了讓您對其中一些項目的情況有一些了解，它們包括生產線優化、產量改進，並假設我們之前討論的一些佔地面積計劃具有更好的性能。

So because of this miss, as Bernardo said, we took significant action to address our processes, planning and structure internally and simultaneously have spent a lot of time and focus really revisiting our savings projects and we replanned.

因此，正如伯納多所說，由於這次失誤，我們採取了重大行動來解決我們的流程、規劃和內部結構問題，同時花費了大量時間和精力重新審視我們的儲蓄項目，並重新規劃。

As a function of that, our savings curve is being pushed out as we implement those changes, as we revisit our savings programs going forward.

因此，當我們實施這些變革、重新檢視未來的儲蓄計畫時，我們的儲蓄曲線就會被拉長。

So that's really what's driving the delay in the savings curve, and that's embedded in my 2019 expectations.

因此，這確實是導致儲蓄曲線延遲的原因，也是我對 2019 年的預期的一部分。

And our next question comes from the line of Jason English with Goldman Sachs.

我們的下一個問題來自 Jason English 與高盛的對話。

Your guidance for next year suggests that the majority of the synergies you realized on consolidating Heinz and Kraft will have effectively been wiped out.

您對明年的指導表明，您在合併亨氏和卡夫方面實現的大部分協同效應實際上將被消除。

In that context, I'd love to hear your thought process or rationale on continuing to pursue a strategy of consolidation.

在這種情況下，我很想聽聽您關於繼續推行整合策略的思考過程或理由。

Where do you see the value creation coming from?

您認為價值創造來自哪裡？

This would certainly suggest that maybe there's not as much opportunity as some of us maybe once envisioned.

這肯定表明，也許機會並不像我們中的一些人曾經想像的那麼多。

Thanks for the question.

謝謝你的提問。

This is David.

這是大衛。

So since the merger, EBITDA has been held back by more than $1 billion versus what we had really kind of set out for.

因此，自合併以來，EBITDA 比我們真正設定的目標減少了超過 10 億美元。

And within that, we had nearly $0.5 billion of costs that we put back into the business, okay?

其中，我們將近 5 億美元的成本投入到業務中，好嗎？

These are costs that are different and independent from the cost that we took out in the integration, right?

這些成本與我們在整合中花費的成本不同且獨立，對吧？

So most of the synergies and the integration savings that we captured were nonconsumer, noncommercial-related cost savings, okay?

因此，我們獲得的大部分協同效應和整合節省都是非消費者、非商業相關的成本節省，好嗎？

So the synergies that we realized are very much intact.

因此，我們實現的協同效應非常完整。

The costs that we put in are squarely within different areas, and we're putting costs in that are consumer-facing and drive commercial growth, okay?

我們投入的成本完全屬於不同的領域，而且我們投入的成本是面向消費者並推動商業成長的，好嗎？

So these are things like expanding our innovation pipeline, our go-to-market infrastructure in the U.S. and international, our digital and e-commerce capabilities.

這些事情包括擴大我們的創新管道、我們在美國和國際市場的基礎設施、我們的數位和電子商務能力。

And while there's a significant amount of investment we put behind us, we are starting to see the returns, which is why we're growing in the second half.

雖然我們投入了大量投資，但我們開始看到回報，這就是我們在下半年成長的原因。

On top of that, we also had significant amount of FX headwinds that also affected our sales and EBITDA trajectory.

最重要的是，我們也面臨大量的外匯逆風，這也影響了我們的銷售和 EBITDA 軌跡。

And then, finally, the inflation and the inability to executing it to the saving curves as we talked about that.

最後，正如我們所討論的，通貨膨脹和無法將其執行到儲蓄曲線上。

With that, I'll hand it over to Bernardo to address it as well.

這樣，我也將把它交給貝納多來解決。

Jason, I actually was -- as Dave said, the investments we're doing and the things we're doing are not correlated to the savings we got to the merger.

傑森，實際上，正如戴夫所說，我們正在做的投資和我們正在做的事情與我們透過合併節省的成本無關。

That is still here, and we are guiding more as the year goes.

這仍然存在，隨著時間的推移，我們將提供更多指導。

I actually would say the opposite.

我實際上會說相反的。

I think we are more prepared in the capabilities and we're more ready for industry consolidation to better performance in the future than we were 2, 3 or 5 years ago.

我認為，與 2、3 或 5 年前相比，我們在能力方面已經做好了更充分的準備，也為行業整合做好了更充分的準備，以便在未來取得更好的業績。

To that sense, I think we're having more firepower with a better balance sheet profile is important.

從這個意義上說，我認為我們擁有更多的火力和更好的資產負債表狀況很重要。

Our next question comes from the line of Michael Lavery with Piper Jaffray.

我們的下一個問題來自 Michael Lavery 和 Piper Jaffray 的對話。

Just wanted to understand, you mentioned your -- that you should be measured on organic growth, and that hasn't come through the way I think people might have expected.

只是想了解一下，您提到了您應該以有機增長來衡量，但這並沒有像我認為人們預期的那樣實現。

But I think there's been forgiveness around that because you are deal guys and...

但我認為人們對此是可以原諒的，因為你們都是交易員，而且…

(technical difficulty)

（技術難度）

about the outlook.

關於前景。

Michael, I'm sorry, you faded a bit there.

邁克爾，對不起，你的語氣有點淡了。

We didn't quite hear the...

我們沒有完全聽到...

Deal-driven but...

交易驅動但...

Michael, could you repeat the question?

邁克爾，你能重複一下這個問題嗎？

You kind of faded there a little bit.

你在那裡有點褪色了。

Yes.

是的。

Sorry.

對不起。

No problem.

沒問題。

You've said a couple of years ago that you should be measured on organic growth for your business, and that obviously has had some struggles.

幾年前，您曾說過，應該根據業務的有機成長來衡量，但這顯然遇到了一些困難。

You're also known as deal guys but we haven't seen a deal yet either.

你們也被稱為交易人，但我們還沒看到交易。

Can you just help us understand why somebody should be excited about the prospects from here?

您能否幫助我們理解為什麼有人應該對這裡的前景感到興奮？

Is it a deal that you know you can get done?

這是一項您知道可以完成的交易嗎？

Is it organic growth or is it a combination?

是有機成長還是兩者結合？

Lavery, it's Bernardo again.

萊弗里，又是貝爾納多。

Look, I think, if you see the second half performance of our commercial initiatives and returns of our investment, it's going to see a very positive scenario in that sense, right?

聽著，我認為，如果你看到我們下半年的商業計劃表現和投資回報，從這個意義上說，將會看到一個非常積極的情況，對吧？

We're having volumes, consumption and market share gains in the vast majority of our categories.

我們絕大多數類別的銷售量、消費量和市佔率都在成長。

Even categories that have been declining for quite some time are seeing a momentum, right?

即使是已經下降相當長一段時間的品類也出現了成長勢頭，對嗎？

And we do know there is more to come.

我們確實知道還會有更多的事情發生。

Not only that, even with the miss of the fourth quarter, we continue to operate at industry-leading margins, and we think the 2019 base that David just highlight is a base we can grow sales and EBITDA going forward.

不僅如此，即使第四季度業績不佳，我們仍繼續以行業領先的利潤率運營，而且我們認為 David 剛剛強調的 2019 年基礎是我們未來可以成長銷售額和 EBITDA 的基礎。

With the actions we're taking on dividend and the work we're doing in portfolio, it remains to be successful and we are confident we can be.

透過我們在股利方面採取的行動以及我們在投資組合方面所做的工作，它仍然會取得成功，而且我們有信心能夠取得成功。

We will have a balance sheet that's more flexible and more prepared for future consolidation.

我們將擁有更靈活的資產負債表，為未來的整合做更充分的準備。

So in that sense, I think the commercial momentum is happening.

所以從這個意義上來說，我認為商業動能正在發生。

In that sense, I think even with the miss in U.S. operations, we still have the base of the margin here that allows us from this base to build 2020 and beyond and the balance sheet flexibility for future consolidation for us to be a consolidator if the industry goes our way.

從這個意義上說，我認為即使美國業務出現失誤，我們仍然擁有利潤基礎，使我們能夠在此基礎上建立2020 年及以後的業務，並且資產負債表具有靈活性，可以使我們成為未來的整合者，如果工業走我們的路。

Our next question comes from the line of Rob Moskow with Crédit Suisse.

我們的下一個問題來自瑞士信貸銀行的 Rob Moskow。

It's -- Bernardo, I had a question about the supply chain.

這是——貝爾納多，我有一個關於供應鏈的問題。

It was a -- you had very poor order fill rates.

訂單履行率非常低。

I think, a year or 2 ago, you had issues in frozen potatoes, you had issues with sliced lunchmeat.

我想，一兩年前，你對冷凍馬鈴薯有問題，對切片午餐肉有問題。

And now, this year, we're having more supply chain issues.

今年，我們遇到了更多的供應鏈問題。

And the commentary that there's some cost savings going on in the supply chain, I'm still, I guess, uncomfortable with it because it indicates that maybe you need to try to make it more efficient.

關於供應鏈中正在節省一些成本的評論，我想我仍然對此感到不安，因為這表明也許你需要嘗試提高效率。

It sounds like you need a bigger investment in the supply chain.

聽起來您需要對供應鏈進行更大的投資。

Maybe you need to expand the footprint, increase flexibility and increase capabilities.

也許您需要擴大佔地面積、提高靈活性並增強功能。

Is there going to be a big dollar investment in people and in the footprint that's necessary as part of this rebase?

作為此次基礎調整的一部分，是否需要對人員和足跡進行大量投資？

Thanks, Rob, for the question.

謝謝羅布的提問。

No, actually, I think it's important to understand what did not happen in the fourth quarter was this ramp-up of the savings, right?

不，實際上，我認為重要的是要了解第四季度沒有發生的事情是儲蓄的增加，對吧？

We are in the same level as the third quarter.

我們與第三季處於同一水平。

And actually, let me put perspective a little bit to what you said.

事實上，讓我對你所說的內容稍作一些闡述。

We came into 2018 as one of the best service provider in the industry.

2018 年，我們成為業內最好的服務提供者之一。

Our own time in food tends to raise.

我們自己花在食物上的時間往往會增加。

Like we said in the original highlight is really now at top quartile worldwide.

正如我們在最初的亮點中所說，現在確實處於全球前四分之一。

So in that sense, the whole investment in footprint, right, capacity and service is already behind us.

因此，從這個意義上說，對足跡、權利、容量和服務的全部投資已經成為過去。

Do we have more -- we always have things to do and improve, but to the day that you're asking, it's actually the opposite.

我們還有更多的事情要做嗎？我們總是有事情要做和改進，但到你問的那一天，情況實際上恰恰相反。

We did believe there was more saved timing on the savings curve, and that for that, we're taking full responsibility, did not materialize, and they will come to life in 2019, '20 and beyond.

我們確實相信儲蓄曲線上有更多節省的時間，為此，我們承擔全部責任，但沒有實現，它們將在 2019 年、20 年及以後實現。

But there is no bigger investment in supply chain, to your point because I'm operating better or in the same level of the third quarter, with one of the best service in United States today.

但就您而言，供應鏈上沒有更大的投資，因為我的營運狀況更好，或者處於第三季度的同一水平，擁有當今美國最好的服務之一。

With that said, let me pass over to Paulo to detail the supply chain cost here in United States.

話雖如此，讓我請保羅詳細介紹美國的供應鏈成本。

Rob, this is Paulo.

羅布，這是保羅。

So no, I just want to reaffirm here what Bernardo is saying that 2018 was a great year for our supply chain in terms of service.

所以不，我只是想在這裡重申 Bernardo 所說的話，即 2018 年對於我們的供應鏈來說，在服務方面是偉大的一年。

Think about the 4 pillars of supply chain: quality; safety; service; and cost.

思考一下供應鏈的四大支柱：品質；安全;服務;和成本。

It's completely fair to say that our supply chain delivered very well 3 of the 4 pillars: quality; safety; and a great service to support the strong volume that we had in the year.

可以完全公平地說，我們的供應鏈很好地實現了 4 個支柱中的 3 個：品質；安全;以及支持我們今年強勁銷售的優質服務。

In cost, we all -- throughout the year, we're not able to deliver the additional savings we're expecting, and we are not having more inflation also -- we're also expecting at the end of the year.

在成本方面，我們所有人——全年都無法實現我們預期的額外節省，而且我們也沒有出現更多的通貨膨脹——我們也預計到年底。

And our next question comes from the line of Chris Growe with Stifel.

我們的下一個問題來自 Chris Growe 和 Stifel 的對話。

I have 2 questions for you.

我有兩個問題想問你。

A real quick one would be just to be clear on the $250 million of EBITDA pressure from divestitures.

真正快速的方法是明確資產剝離帶來的 2.5 億美元 EBITDA 壓力。

Does that include -- incorporate what's already happened or would also could happen going forward?

這是否包括—納入已經發生的事情或未來可能發生的事情？

And if I could just ask a second question in relation to a comment you make in the release about your return on investment being strong in the fourth quarter and the year.

我能否就您在新聞稿中關於第四季度和今年的投資回報強勁的評論提出第二個問題。

Obviously, if you measure that based on market share or even top line growth, that's a fair comment.

顯然，如果你根據市場佔有率甚至營收成長來衡量，這是一個公平的評論。

But the degree of profit that it took to achieve that growth is quite significant and I think would really weigh on that overall calculation of that return on investment.

但要實現這一成長所需的利潤程度相當可觀，我認為這確實會影響投資回報的整體計算。

So I just want to get a better sense of how you're measuring your return on investment as you call it and how do we think about that going forward, given the extreme cost in this quarter?

因此，我只是想更了解您如何衡量您所說的投資報酬率，以及考慮到本季的極端成本，我們如何看待未來的發展？

Chris, this is David.

克里斯，這是大衛。

Thanks for the question.

謝謝你的提問。

So I'll answer the first part and then hand it over to Paulo to address your second.

所以我將回答第一部分，然後交給保羅來解決第二部分。

So the $250 million you mentioned, approximately $70 million of that is related to the divestitures that we've made to date, okay?

所以你提到的 2.5 億美元，其中大約 7000 萬美元與我們迄今為止所做的資產剝離有關，好嗎？

And then, the remaining amount is really the FX headwinds that we're seeing in some of our international markets.

然後，剩下的金額實際上是我們在一些國際市場上看到的外匯逆風。

So this does not include any future divestitures that we're considering.

因此，這不包括我們正在考慮的任何未來剝離。

It only includes the divestitures that we've executed to date, the 2 deals that Bernardo mentioned earlier.

它只包括我們迄今為止執行的資產剝離，即伯納多之前提到的兩筆交易。

So I'm going to talk a little bit about the pricing and the return on the pricing investment that we had here.

因此，我將談談我們在這裡的定價和定價投資的回報。

If you consider -- you think about our second half as a whole, okay, and you consider that, actually we invested 1% in price when you exclude the impact from commodity, and the 0.4% that we invested specifically to close the gaps in the natural cheese, and you see the performance in volume that we had growing almost 4%, I think it's clear to see that even though this was only -- was not the only lever of the volume improvement, you can see that we have a very strong return on this particular investment.

如果你考慮我們下半年的整體情況，好吧，你考慮一下，當你排除大宗商品的影響時，實際上我們在價格上投資了 1%，而我們專門投資了 0.4% 來縮小價格差距。天然乳酪，你會看到我們的銷量成長了近4%，我認為很明顯，儘管這不是銷量改善的唯一槓桿，但你可以看到我們有這項特殊投資的回報非常豐厚。

But also it is important to say that our volume improvement was also supported with a much better service level, as we're talking, strong innovation launches, renovation and additional brand and channel support besides the high level of in-store activity and promotions that we're discussing here.

但同樣重要的是，我們的銷售成長也得到了更好的服務水準的支持，正如我們所說，除了高水準的店內活動和促銷之外，強有力的創新推出、翻新以及額外的品牌和管道支持我們正在這裡討論。

And this concludes today's question-and-answer session.

今天的問答環節到此結束。

I'd now like to turn the call back to Mr. Chris Jakubik for closing remarks.

現在，我想將電話轉回給 Chris Jakubik 先生，讓其致閉幕詞。

Thank you, everybody, for joining us this evening.

謝謝大家今晚加入我們。

For analysts that have follow-up questions, myself and Andy Larkin will be available for follow-ups all evening and until tomorrow.

對於有後續問題的分析師，我和安迪拉金將在整個晚上和明天之前進行後續跟進。

And for those in the media with follow-ups, Michael Mullen will be available to take your calls.

對於那些有後續報道的媒體人士，邁克爾·馬倫 (Michael Mullen) 將接聽您的電話。

Thanks very much, and have a great evening.

非常感謝，祝您有個愉快的夜晚。

Thank you, all.

謝謝你們。

Ladies and gentlemen, thank you for participating in today's conference.

女士們、先生們，感謝你們參加今天的會議。

This concludes the program.

程式到此結束。

You may all disconnect.

你們都可以斷開連線。

Everyone, have a great day.

大家，祝你有美好的一天。